Use of digital payment technologies such as QR codes, cryptocurrencies in Asia-Pacific boosted by pandemic, Mastercard survey finds

QR codes enabling mobile phone payments have become particularly popular in the region as they offer a hygienic option amid the threat of Covid-19 infection, according to the survey

Some 84 per cent of consumers said they have access to a wider range of digital payment options than they did a year ago

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QR codes enabling mobile phone payments have become particularly popular in the region, according to the survey. Photo: Shutterstock Images

Published: 6:10pm, 4 May 2021Updated: 10:42pm, 4 May 2021

The adoption of new payment technologies such as QR codes, cryptocurrencies and biometrics is on the rise in Asia-Pacific as a result of the pandemic, according to a Mastercard survey.

More than 90 per cent of respondents across the region indicated that they would consider using at least one “emerging payment method” in the next year, while 84 per cent of consumers said they have access to a wider range of digital payment options than they did a year ago.

“People in the Asia-Pacific region haven’t just adopted new payment technologies – they’ve made deliberate shifts based partly on necessity, but also on considerations around personal safety, security and convenience,” said Sandeep Malhotra, executive vice-president of products and innovation at Asia-Pacific Mastercard in a press release announcing the survey on Tuesday.

The Mastercard New Payments Index looked at over 15,000 online consumer interviews conducted across 18 different markets globally between February and March. It includes participants from Australia, India and the United States but excludes responses from Hong Kong and China.

QR codes have become particularly popular in the region, says the survey. Consumers see them as a convenient and hygienic way to make in-person payments on their mobile devices while the risk of Covid-19 infection still looms.

Six out of 10 consumers said that while the pandemic continues they would avoid businesses that do not accept electronic payments. Almost 70 per cent of respondents said they were more excited to shop at retailers who offer the latest payment method.

A similar Mastercard report released last month revealed that purchases made online have spiked and generated an additional US$900 billion of digital spend around the world. The card payment giant expected roughly 20 to 30 per cent of the shift to digital caused by Covid-19 to be permanent.